Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1887-06-17
BISMARCK. DAKOTA. FRIDAY. JUNE u, 1887.

by G. J.Kershaw & Outstanding and paying
ali the enormous demands that would be
made against them. Last night the firm
was out Of money, with demands for
$250, 900 then in the Office that they could
not meet. It was, therefore, a grateful
sound to the street when Kershaw at
o'clock hurried into his office and stated
that he had money enough in the bank at
that hour to pay all that he owed to mar
gin his trades down to the market and be-
low it.. At the opening of the board of
trade the secretary read the following from
Kershaw & Co.:
GENTLEMEN: We are prepared to pay
all our clearing house differences and to
margin below the market
C.J. KERsHAw & Co.
A yell of delight broke out at this. A
few announcements Of several small fail
ures that follow did not count. These
were of Messrs. B. J. McCleary & Co., J,H.
YOurke & Co., and S. e. Orr; wheat ad-
vanced at once cent to 76c for July. The
panic was over temporarily. AS IL
o'clock approached, the crowd knew
that the most important moment
OF the day was at hand. The clearing
sheets needed to be in and the differences
of the day before settled. Immediately af-
ter II O'clock came the announcement of
another batch Of suspensions. This time
they were Baldwin g. Co., Pickering &
Co. and Crosby & Co. Crosby's failure
produced a sensation. He has been rich
man in the market for ten years. Traders
supposed he was impregnable. Then at
11:S0 came the announcement of the sus-
pension of NJ. B. Croft & Co. and M. s. Rob-
inson & Co. The latter was presumably
substantial house. The crowd thought
that the crisis was passed at II o'clock when
clearing sheets were in, but here there was
another terrible disappointment. G. j.
Kershaw& Co.'s account at the American
Exchange bank, amounting to $4,000 had
been garnisheed at 10 a. m. by Rosenfeld &
Co. The latter had learned that Wiltshire,
of Cincinnati, was in the city, and that he
had taken care of Kershaw & Co., while he
had allowed them to go to the wall. So
garnishee papers were at once procured
and the money to Kershaw & Co.'s credit
at the American Exchange bank attached.
At noon the checks had not returned, and
there was CONSERVATION. 1t began to
leak out on the floor and July
wheat dropped to 7019c, and trading was
suspended. The hands of the clock passed
noon and Kershaw's checks had not ar
rived.
Contrary to the rule, the clearing hour
avfa 1aI Euo
fed check. Then the official announce
ment was made that Kershaw g. Co. had
failed to get through. The president Of
the board directed that the announcement
be now made from the gallery. 1t simply
increased the panic. During the noon re-
cess another lightning change act in this
very singular drama occurred. The state
ment was made at the bank that the story
in everybody's mouth was not true.
About the same time Rosenfeld & Co.
denied that they had garnisheed
Kershaw's deposit. Evidently the nice
distinction is made that they elect to call
it the "clique's money" and not Kershaw's.
The statement is made that it is discovered
that the attachment or garnishee proceed
ings will not hold. The fact remains, how
ever, that the money placed on deposit by
the clique principles. $500, 1000, is still tied
up by some sort of proceedings, and that a
legal fight for this enormous lack pot'
has been inaugurated. The tying up Of
$500 600 virtually tied up the market, and
the last hours of the long session was une-
ventful. The following communication
was received:
GENTs-We are all tied up, but are sol
vent and can pay in full If the market goes
no lower than it has up to noon. We ex-
pect to extricate ourselves and pay in full
C. j. KERsHAw & Co.
Frank Johnson. of the failed firm of
Maurice Rosenfeld & Co., said to-day that
tho firm could not tell just yet how it
stood.
FAILURE AT DULUTH.
DULUTH, June 15.-Arrhur Waters &
Co., one of the most prominent grain firms
here, has failed. Other firms are in a
shaky condition.
IN NEW YORK.
NEW York, June 15.-The big drop of
TIC in June wheat at Chicago from the
opening figure, announced in the New
York produce exchange at II o'clock a. M,
created temporary excitement, but seemed
to meet no corresponding fall in this
market. A drop of &c in New York from
the opening quotations refused to go any
lower and the market remained compare
lively steady. News of the failures Of
three Chicago firms caused some nervous
ness. At the close of the main session at 2
o'clock June wheat went at Gle and July
at 871sc. The final rate showed an irreg-
ular reaction of 1S@1c, the most marked
being in June.
New YORK, June 15.-The failure of
Rosenfeld & Co., of Chicago, was sur
prise here, and created considerable COM
ment He was broker for the mysterious
clique which has been for weeks covering
wheat. and the story in this city is that
when this clique found they could not
carry their wheat any longer, they un-
loaded it on their own broker, thus forcing
him to the wall. 1t is said that his losses